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NorthEast Community Bank Review

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NorthEast Community Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

NorthEast Community Bank started in 1934 and is headquartered in White Plains, New York. It handles assets of $805 million and deposits totaling $629 million, ranking it as a medium-size bank. NorthEast Community Bank has above-average customer service access with all-day support available, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, NorthEast Community Bank is an excellent bank that you should seriously consider, with a rating of 4.7 stars out of 5 from the SmartAsset team. NorthEast Community Bank has a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. NorthEast Community Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, NorthEast Community Bank's most basic checking account does not have a monthly maintenance fee. Using a bank with no-fee checking and a high interest rate savings account is the best bet for returning the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.7/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.3
SmartAsset Average: 3.5

With a savings rate of 0.25%, NorthEast Community Bank ranks poorly in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 2.33% and 2.89%, respectively, while its highest-yielding money market account earns at an APY of 0.40%. Given NorthEast Community Bank's poor savings rate, you should think about looking at the competition to open savings accounts.

How NorthEast Community Bank's Savings Rates Compare

NorthEast Community Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, NorthEast Community Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, NorthEast Community Bank's checking account is perfect for those who need an easy checking account. NorthEast Community Bank does not reimburse out-of-network ATM charges, which means you'll need to find a NorthEast Community Bank ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

NorthEast Community Bank is a brick-and-mortar bank, with eight total branches in Massachusetts and New York. With mobile and web apps, NorthEast Community Bank makes account access convenient, even on the go. It offers all-day customer service. NorthEast Community Bank gets great feedback from users for its mobile app. The NorthEast Community Bank mobile app is rated at 4.6 out of 5 (out of 43 customer reviews on iOS and Android) compared to the national average of 3.8. You can access NorthEast Community Bank's mobile app to manage your finances by checking account balances, transferring money and accessing support representatives. NorthEast Community Bank receives an exceptional consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

NorthEast Community Bank is a medium-size bank owning assets totaling $805 million as well as deposits totaling $629 million. Its Texas Ratio is 4.72%, suggesting that NorthEast Community Bank is in terrific financial well-being and improbable to fail. Additionally, NorthEast Community Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.72%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare NorthEast Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $500
Checking Account 0.25% APY $50
Certificates of Deposit
  • 12 Month: 2.33% APY
  • 24 Month: 2.58% APY
  • 36 Month: 2.69% APY
  • 48 Month: 2.79% APY
  • 60 Month: 2.89% APY
$1000 for all terms
Money Market Account 0.4% APY $25000

NorthEast Community Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. NorthEast Community Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. NorthEast Community Bank's CD rates are fair as compared against the national average.

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Find a NorthEast Community Bank Near Me

NorthEast Community Bank has eight physical locations in the U.S.

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